The Directorate of Enforcement (ED) has arrested four individuals in connection with a massive cyber investment scam worth over Rs 25 crore. The accused, identified as Shashi Kumar M (25), Sachin M (26), Kiran SK (25), and Charan Raj C (26), were arrested between August 15 and August 21 in Bengaluru. The scam involved fake investment apps that deceived unsuspecting individuals into investing large sums in the stock market.
The ED investigation is based on FIRs filed by multiple state police agencies. So far, the ED has traced over Rs 25 crore in proceeds generated from the fraudulent activities. The accused were involved in the incorporation of companies and the opening of bank accounts through which the stolen money was laundered.
According to the ED, the scamsters used a highly sophisticated modus operandi. They lured victims to invest in stock markets by inducing them to download fraudulent investment apps. Victims were promised high returns and were pressured into transferring large amounts of money to multiple bank accounts controlled by the fraudsters.
